Briefs

BHP gets go-ahead

BHP Billiton has received approval from the US competition regulator for its $US15.1 billion ($14 billion) bid for shale gas company Petrohawk Energy. The world's biggest miner formally lodged the offer with the US Securities and Exchange Commission.

COAL

Whitehaven ahead

Whitehaven Coal has bounced back from extreme weather difficulties, boosting output by 47 per cent to 1.47 million tonnes in the June quarter. Total sales jumped 82 per cent after deferrals due to Japan's earthquake.

MANUFACTURING

Amcor glass sale

Amcor has completed the sale of its glass tubing business to Nipro Corp for $US161 million ($149 million). It will report the profit on the sale of about $US90 million as a significant item.

MINING

Downer contract

Engineering firm Downer EDI has won a contract worth more than $400 million on Xstrata Coal's Ravensworth North coal project in the Hunter Valley.

PROPERTY

Lend Lease project

Lend Lease has gained approval from the US Department of the Army for the modification and development of a residential project in Hawaii worth $157 million. The company will now build larger homes than planned.

FINANCE

UBS to cut jobs

The Swiss bank UBS has announced fresh job cuts after posting sharply lower second-quarter profits of 1.02 billion Swiss francs ($1.16 billion), down almost 50 per cent. Swiss reports suggest there will be 5000 job losses at the bank.

ENERGY

BP back in black

British energy giant BP rebounded into profit in the second quarter, after a huge loss last year due to the US Gulf of Mexico oil spill. BP reported profits of $US5.6 billion ($5.2 billion) in the three months to end-June.

ECONOMY

India lifts rates

India's central bank has raised interest rates by 50 basis points, its 11th increase since March last year, to combat soaring inflation. The Reserve Bank of India raised its lending rate to commercial banks to 8 per cent.